Accounting 101
Auditing
Tax
MCC
Potpourri
100
These should always equal the debits.
What is credits?
100
This is the most common assertion tested for assets.
What is existence?
100
This is the form individuals use to file their tax returns.
What is Form 1040?
100
This is the minimum requirement for busy season hours.
What is 55 hours?
100
This team was defeated in the 2013 World Series.
What is the St. Louis Cardinals?
200
These should be depreciated over the useful life.
What are fixed assets?
200
This is the assertion most commonly tested for liabilities.
What is completeness?
200
This is the form that a partnership uses to file its tax return.
What is Form 1065?
200
After busy season, you will choose this person to guide you and help you get to the next level at MCC.
What is a performance manager?
200
This social media company recently had an IPO in November 2013.
What is Twitter?
300
Accrued expenses, accounts payable, and debt due within a year are all examples of this.
What are current liabilities?
300
This provides limited assurance and utilizes procedures such as analysis and inquiry.
What is a review?
300
If a person has ownership in a partnership, he or she will receive one of these in order to complete his or her tax return.
What is a K-1?
300
This is MCC's fiscal year end.
What is September 30th?
300
Daily Double
Daily Double
400
Revenue less Cost of Goods Sold equals this.
What is gross profit?
400
This needs to match the date of the auditor's report.
What is the management representation letter?
400
Mortage interest, real estate taxes, and charitable contributions are all common examples of these.
What are itemized deductions?
400
This is the year that MCC was established.
What is 1919?
400
This is an engagement that offers no assurance, only financial statements.
What is a compilation?
500
Assets less liabilities equals this.
What is owner's equity?
500
If a client has an exception from GAAP that is material and pervasive to the financial statements, this opinion will most likely be issued.
What is an adverse opinion?
500
An individual's business revenues and expenses are recrorded on this schedule.
What is Schedule C?
500
MCC is a part of this group which we may utilize to help us out with an out-of-state inventory count.
What is Nexia?
500
This is the college that Kristen attended.
What is ISU?
M
e
n
u